Q:

Where can I get a bank loan for a 17-year-old?

A:

Quick Answer

A 17-year old is consider a minor, and minors cannot obtain loans on their own, according to CarsDirect. Many banks don't allow a minor to obtain a loan even with a co-signer. This is because a loan is a legally binding contract, and minors cannot enter into contracts.

 Know More

Full Answer

Minors do not have any credit built up, so when they become legal adults, they still may have trouble obtaining loans without a co-signer. In order to help a minor child build up some type of credit, there are many banks and financial institutions that have accounts designed specifically for teenagers, reports DoughRoller. These accounts help teach children how to manage money efficiently.

Learn more about Personal Loans

Related Questions

  • Q:

    How do you get a loan with bad credit?

    A:

    People with bad credit can get loans by exploring alternative options to banks, such as credit unions or friends and family; bringing a cosigner on board; and using a home equity loan or a home equity line of credit, according to America’s Debt Help Organization. Bankrate recommends checking credit reports and fixing any errors and applying for loans at places where the requester already does business.

    Full Answer >
    Filed Under:
  • Q:

    Where can you get a same-day loan?

    A:

    There are many online loan companies that advertise same-day loans, such as I Need a Loan, but it is also possible to get a same-day loan from larger, more reputable companies like Wells Fargo. A high percentage of online companies that offer same-day loans, especially those who claim to not care about the applicant's credit, could be scams, according to the LoanNow website.

    Full Answer >
    Filed Under:
  • Q:

    What is short-term financing?

    A:

    Short-term financing refers to business or personal loans that have a shorter-than-average timespan for repaying the loan, typically one year or less. Some short-term loans have even shorter terms, such as 90 to 120 days.

    Full Answer >
    Filed Under:
  • Q:

    How do you get a loan with no job?

    A:

    People without jobs can go to pawn stores for loans, get home equity lines of credit or ask someone to co-sign on the loan. However, it helps if they have other income sources, such as unemployment or alimony payments. There are also no-documentation home mortgage loans.

    Full Answer >
    Filed Under:

Explore